SRP HIKE. Suggested retail prices of basic goods and prime commodities are expected to increase starting this month as the Department of Trade and Industry is set to update the SRP bulletin. The last price hike in basic goods was in February 2023. (PNA photo by Ben Briones)
MANILA – The Department of Trade and Industry (DTI) has concurred with the request of some manufacturers to increase suggested retail prices (SRPs) of products under basic necessities and prime commodities (BNPC).
DTI Assistant Secretary Amanda Marie Nograles told trade reporters over the weekend that only a “small percentage” or 63 items out of 217 shelf keeping units (SKUs), will increase their prices this month.
Nograles said manufacturers of the 63 items requested for SRP hike due to higher raw materials and other operation costs.
The average price increase of the SKUs is only 6 percent, which is lower compared to the 10 percent average SRP hike between 2022 and 2023, according to Nograles.
“For the food items, the price adjustment is only around 25 centavos to PHP7.25 pesos,” Nograles said.
She added Executive Order 41 released by Malacañang in September 2023 and which suspends the collection of pass-through fees by local government units from vehicles transporting goods, has impact in taming the price increase requested by manufacturers.
“If you will also look at the categories with price adjustments, not all brands and variants in each category have filed for notice of price adjustments,” she added.
Among BNPCs that will increase their SRPs include canned sardines, processed milk, coffee, bread, instant noodles, bottled water, processed canned meat, canned beef, and condiments for food products, as well as toilet soap, candle and battery for non-food items.
Nograles said the agency targets to release the new SRP bulletin within this month but there will be a lag in the implementation of the new SRPs as manufacturers, groceries, supermarkets, and other establishments still have to update the prices in their systems.
The DTI last updated the SRP bulletin in February 2023. (PNA)
